For those of you who follow these things, you may find this interesting! Good, if not great news...
Nat’l Assoc. of Realtors
Housing Affordability Index- up to a record high of 205.9 for the spring quarter (100 means median-income family can afford median-priced home with 20% down and 25% of income devoted to principal and interest payments)
Bureau of Labor Statistics (July 2012)
Unemployment in the Cleveland-Elyria-Mentor area dropped from 8% the previous quarter to 7.3%
U.S. Census Bureau (July 2012)
Nationally, sales of single family homes rose 3.6% over June and 25.3% over July of 2011
Rental and Home vacancies drop from 8.8% the first quarter of 2012 to 8.6% the second quarter (Rentals- down from 8.8% to 8.6%, homes- down from 2.2% to 2.1%)
Northern Ohio Regional Listing Service – changes from 2011 to 2012
All Property Types
New Listings -4.1%
Sold Listings +16.8%
Dollar amount, sold listings +22.3%
Average Sale Price +4.7%
Case/Schiller Index for Cleveland +.9%
Bureau of Labor Statistics – Unemployment
National Association of Home Builders – Builders Confidence Index
(50 or higher means builders are confident about the housing market)
Up from 29 to 37. Not great, but moving in the right direction.
In summary, listed homes are down, sales are up, prices are up, unemployment has come down, and builder confidence is improving, so the real estate market has definitely lifted off its bottom and is moving up.
All information is deemed correct but not guaranteed.